Michael Bailey’s Fireside Financial, a private equity firm based in Edwardsville, has launched a third real estate investment fund.
And already, $75 million of the planned $500 million fund has been raised, according to documents filed with the Securities and Exchange Commission.
Bailey said the rest of the money is likely to be raised over the next 18 months. Similar to the last two Fireside funds, Bailey said he’ll use the money to invest in multifamily, substorage and office properties in the Midwest.
“Multifamily has been significantly hot for the last several years, and we see that continuing moving forward, though not at the pace it has,” Bailey said. “We see multifamily as a real stable opportunity for us, while office is more of a value-add type of play. We’ll take Class B or Class C properties in a B location and bring them up to market with a rehab.”